Harry Reid Was Right: Mitt Romney Pai...

Harry Reid Was Right: Mitt Romney Paid No Taxes for 10 Years

Posted in the Robbinsdale Forum

Unfit Mitt

Minneapolis, MN

#1 Nov 3, 2012
Bloomberg broke the story late Sunday night, with a story published around 11pm Central Time which gives an in-depth explanation of Romney's legal tax evasion since 1996. His tax avoidance was completely legal, although most hardworking Americans might question its ethical qualities. As President Obama said in the second debate, the GOP candidate paid less money in taxes than people earning less than $30,000 per year. How can that happen? Well, up until 1997, if you were rich, you could "rent" non-profit status from your favorite charity.

Huh? How can an individual rent tax-exempt status from a charity? It's pretty intricate, but the way it worked was, in Mitt's case, he used the Mormon church as a tax shelter by setting up a Charitable Remainder Unitrust (CRUT), that paid him a specific amount of money per year from dividends while also donating the smallest amount possible to the church.

Estate and trust attorney Jonathan Blattmachr told Bloomberg that he had set up many of these for clients prior to the 1997 law banning them: "I used to structure them so the value dedicated to charity was as close to zero as possible without being zero."

Romney got lucky in that he and other wealthy individuals who took advantage of this loophole were grandfathered in so he was permitted to keep his "charitable" status
Consistent on Welfare

Minneapolis, MN

#3 Nov 4, 2012
Typical Republican mantra - I've got mine, screw everyone else.

Isn't that right, Consistent. Enjoying living off the government, aren't you.
Unfit Mitt

Saint Paul, MN

#4 Nov 4, 2012
Consistent on Welfare wrote:
Typical Republican mantra - I've got mine, screw everyone else.
Isn't that right, Consistent. Enjoying living off the government, aren't you.
Typical Democrat mantra - I want my Obamaphone. I want you to pay for my house, food, clothes, kids, birth control, car, medical care and retirement. Keep working all you stupid Republican types. I gets your money.
The Truth

Minneapolis, MN

#6 Nov 4, 2012
Not even going to deny it, Polar Putz?
Consistent

Minneapolis, MN

#7 Nov 5, 2012
Estate and trust attorney Jonathan Blattmachr told Bloomberg that he had set up many of these for clients prior to the 1997 law banning them: "I used to structure them so the value dedicated to charity was as close to zero as possible without being zero."
Christingle Matthews

Saint Paul, MN

#8 Feb 20, 2013
Well dang maybe he never did pay any taxes....

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